[2016-05-31] Ernst & Young to sell $13 mln in bitcoins confiscated from Silk Roa

Hazir

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Quote from: 1Referee on May 31, 2016, 04:53:31 AM

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again. Cheesy

I thought the same thing. I wonder if that amount of coins when dumped will lower the price of BTC. I guess rapid dump of that caliber could do that.
When situation on the market will 'magically' repeat after this auction I would be ready for 3rd auction or next events like these in the future.

1Referee

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Quote from: notthematrix on May 31, 2016, 05:08:32 AM

Quote from: 1Referee on May 31, 2016, 04:53:31 AM

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again. Cheesy

its very simple if you sell coins and the buyer dumps them on the market the price will lower.
its also simple that the state wants best price for coins and waits until the price soars

Manipulating market price will cost you extra so is not smart.

Like last time, the price was being pumped up by Chinese exchanges. If the exchanges themselves are pumping the price up like MtGox did, then it doesn't cost them anything as everything happens with fake market orders. Only time will tell if this is going to happen once again. Will come back once the auction is over.

notthematrix

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Quote from: 1Referee on May 31, 2016, 04:53:31 AM

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again. Cheesy

its very simple if you sell coins and the buyer dumps them on the market the price will lower.
its also simple that the state wants best price for coins and waits until the price soars

Manipulating market price will cost you extra so is not smart.

1Referee

legendary

Activity: 2170

Merit: 1427

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again. Cheesy

smartgerman

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Ernst & Young to sell $13 mln in bitcoins confiscated from Silk Road drug dealer
Consulting firm Ernst & Young will hold a series of auctions in Sydney to sell 24,518 bitcoins ($12.9 million at current exchange rate). The coins were seized during a police operation against a drug trafficker who used the popular darknet market Silk Road.
http://www.coinfox.info/news/5598-ernst-young-to-sell-13-mln-in-bitcoins-confiscated-from-darknet-drugdealer-2

Topic: [2016-05-31] Ernst & Young to sell $13 mln in bitcoins confiscated from Silk Roa (Read 388 times)